Initial unemployment claims have fallen to yet another pandemic-era low
Initial unemployment claims dropped but slightly over the past week, suggesting the labor market may be "leveling off" as the pace of pandemic layoffs reaches a possible "plateau," reports CNBC, per the U.S. Labor Department.
First-time filings for the week ended Nov. 13 totaled 268,000, 1,000 less than a week ago, though slightly higher than the 260,000 estimate. It's now the seventh straight week to see a drop in claims. The total, which was in keeping with the past month, was also "the lowest since the beginning of the pandemic," CNBC explains, though it remains "slightly above the 2019 weekly average of 218,000," per Fox Business.
Continuing claims, which run a week behind and "provide an approximation for the number of people receiving regular state benefits," also dropped to a new pandemic low of 2.08 million in the week ended Nov. 6, per CNBC and The Wall Street Journal.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A shortage of workers nonetheless remains "an obstacle to faster job growth," notes Reuters.
But "demand for labor is very strong and workers are in short supply," economist Gus Faucher told Reuters, "so layoffs are very low right now."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
Outer Hebrides: a top travel destination
The Week Recommends Discover 'unspoiled beauty' of the Western Isles
By Tess Foley-Cox Published
-
The Biltmore Mayfair review: a quintessential slice of luxury London
The Week Recommends This swanky retreat in Grosvenor Square blends old-world glamour with modern comforts
By Caroline Dolby Published
-
Is ChatGPT's new search engine OpenAI's Google 'killer'?
Talking Point There's a new AI-backed search engine in town. But can it stand up to Google's decades-long hold on internet searches?
By Theara Coleman, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published